Malaysia: Older Workers Less Confident about Future; Government Encourages Retraining

While a large majority of Malaysians feel safe in their present jobs, confidence declines with age. According to a Gallup International Association poll, 84% of Malaysians were optimistic about their job security with only Norway (85%) scoring higher in a survey of 61 countries. However, only two in 10 respondents over 51 years old thought they could find a job fairly quickly compared to four out of 10 of those below 30 years.

In response to the Gallup survey, Human Resources Minister Datuk Seri Fong Chan Onn said that employers need to continuously retrain their workers to keep them relevant, especially the older ones who are set in their ways. Fong suggests that this can help them to adapt to technological and work habit changes. According to a story by Teresa Yong in THe New Straits Times, Fong said: "It is very important for employers to continue retraining and upgrading the expertise of the older group of workers. We also need to re-orientate all categories of workers." Fong also advised older workers to adopt lifelong learning and pointed out that the Human Resources Development Bhd had training programmes for workers of all ages.

Sources: Malaysia Today "Malaysians score high in survey" (January 15, 2008); The New Straits Times "Keep older workers relevant through retraining, employers told" (January 16, 2008)

Malaysia: Workers Choosing To Delay Retirement

According to an article by Chan Ching Thut in The Star, "more Malaysians are planning to retire later than at age 55, with the main reasons cited for the delay being higher pay while working, enhanced retirement benefits, and new and challenging responsibilities." This is the result of a pulse survey conducted in May 2006 by Accenture.

Accenture partner and human performance senior executive Joan Hoi said "One-third of Malaysian workers interviewed have changed their plans for retirement within the past five years."

Separately, Hoi noted that a significant finding from their Aging Workforce survey was on the management of the knowledge assets of a company: Globally, one quarter of employers surveyed revealed that their organisations would allow older workers to retire without any transfer of knowledge, and in Malaysia, 48% cited “small, informal discussions” or “1 to 2 weeks' process” as the methods used by organisations before employees retire, while 15% said their organisations would let them go without any transfer of knowledge.

Source: The Star "More Malaysians choose to delay retirement" (August 7, 2006)